Enforcement Directorate Registers Nine Auctioned Properties Worth Over One Hundred Crores in Heera Group Fraud Case

The Enforcement Directorate Hyderabad Zonal Office has finished registering nine auctioned properties worth one hundred three crore and twenty-six lakh rupees in the Nowhera Shaik Heera Group investment fraud case.

Property Details

The latest registrations finished on Friday involved two immovable properties named Kanvy Centre and Naina Towers in Banjara Hills, Hyderabad, sold for about eighty-eight crore and twenty-three lakh rupees. Earlier on October 5, the agency registered seven other properties, bringing the total to nine registered properties worth one hundred three crore and twenty-six lakh rupees in total.

Investigation Findings

The auctions followed directions from the Supreme Court to return money to genuine victims and claimants. An investigation under the Prevention of Money Laundering Act found that the accused entities collected more than five thousand nine hundred seventy-eight crore rupees from the public by promising huge annual returns. The group later failed to repay the money, and the Supreme Court cancelled the bail of Nowhera Shaik, who was arrested by the ED on May 21, 2026, and stays in judicial custody.

Next Steps

The ED issued five Provisional Attachment Orders for properties worth four hundred twenty-eight crore and eighty-three lakh rupees and filed complaints in the Special PMLA Court in Hyderabad. Money from the auctioned properties will go to the Serious Fraud Investigation Office to be given back to victims, and the ED will auction more attached properties while investigations continue.

Context

Financial fraud cases involving large public deposits are often investigated by central agencies like the Enforcement Directorate under money laundering laws. Courts frequently order the auction of attached properties so that defrauded investors can recover their lost savings through official channels.